2023 Q2 Report
Union Bank Building
We are thrilled to announce that on May 31, 2023, our affiliated company, Union Bank Holdings Ltd., became the owner of the Union Bank Building on Jasper Avenue … right in the heart of downtown Edmonton! If you are local to the Edmonton area, you may have heard or read the announcement on CTV evening news, the Edmonton Journal, the Edmonton Sun, CHED, or CBC radio.
Originally constructed in 1911 for the Union Bank of Canada, the Union Bank building was a timeless design by the architect, Roland Lines. In 1925, the Union Bank of Canada merged with the Royal Bank of Canada. In 1928, the building was purchased by James Richardson and Company, which was a grain trading and stock brokering business, who occupied the building for 50 years. In 1970, the building became the head office of the North-West Trust Company, a company formed by Dr. Charles Allard. In 1996, the building was purchased by Diane Kyle Buchanan for $410,000, following which she began the ambitious project of renovating the top two floors into a 14 room boutique hotel and a restaurant (Madison’s Grille) on the main floor. As a result of the success of the hotel, Diane built the “contemporary” five storey addition to the south a few years later, which eventually added an additional 26 hotel rooms.
As the last remaining pre-WWI bank building in Edmonton, we will be bringing the Union Bank building back to a financial institution. Our plans include converting the top two floors into our corporate offices, and completely renovating and upgrading the restaurant and the remaining 26 hotel rooms.
Union Financial Corporation
In addition to the acquisition of the Union Bank building, we have incorporated a new company, Union FinancialCorporation (“UFC”), which is in the process of applying to the Alberta Securities Commission to become an ExemptMarket Dealer, a Portfolio Manager, and a Fund Manager.
In addition to the lending deals we offer through Grow,UFC will provide our clients with a complete range of financial services including the trading of stocks, bonds, GICs, and mutual funds, and life insurance products. In 2024, UFC will also be launching its first Mortgage Investment Corporation (“MIC”).
With the MIC, UFC will be able to offer a diversified income-producing product for non-accredited investors, allowing for much smaller minimum investment amounts. Our goal with Grow and UFC is to provide our clients with a much broader range of financial options and products than what is offered by the banks, and a more seamless movement of money between available investment products in order to reduce the “cash drag” on overall portfolio performance and, by doing so, improve annual returns.
In short, we want to ensure that your money is always working for you and to maximize the performance of your investment portfolio. Along with our impeccably renovated boutique hotel, our outstanding restaurant partner (which will be announced byAugust), Grow, and UFC, we promise to offer our clients with an extraordinary investment and business experience like no other.